The major benefits of PCI-DSS

Accepting payment through credit or debit has now become a new norm. This is mainly because of the high degree of convenience they provide to both the customer as well as the business. The need for carrying cash all the time has now been eliminated all thanks to plastic money. However, to be able to accept the payment through this mode, it is important to be PCI-DSS compliant.

PCI-DSS aims to provide maximum security so that there are no fraudulent activities that can cause huge damage to both the customers as well as the business. PCI-DSS enhances security through the development of standards and operational requirements that fulfillment of which will ensure that the business has taken all the proactive measures for safeguarding the interest of various stakeholders. The PCI-DSS compliance is mandatory and in case of any investigation it comes up the business was not fulfilling all the requirements and standards then heavy fines will be imposed on the respective business. If the business continues to do so then the merchant privilege of accepting card payment will be ultimately revoked.

The major reason why many businesses fail to be the PCI-DSS compliant as they consider it is a cumbersome and expensive process. However, being PCI-DSS compliant can bring various benefits to both the business and the customer. These are mentioned below:

• Builds Trust: Ecommerce’s strong foundation relies on the trust they build with the customer. Customers today have become very aware and thus they understand the importance of PCI-DSS. No customer wants to build relations with businesses that take no effort in ensuring maximum protection of their valuable and confidential data. Today theft of customer data has become quite normal and thus customer has become more reluctant in sharing their information with the business that is not PCI-DSS compliant. Thus the business to build trust with the customer is required to be PCI-DSS compliant.
• Prevents Data Breaches: Preventing data breaches is one of the major reasons for the advent of PCI-DSS. PCI-DSS makes it compulsory for the business to undertake a series of steps such as a stronger firewall, prohibition on holding card information, encryption, etc. that makes it difficult for hackers to attack the customer information. It makes it nearly impossible for hackers to penetrate the security system and find the data that they are looking to target. Such measures help the business to safeguard against various types of cyber-attacks.
• Global Standards: PCI-DSS requirements are developed by the world’s best credit organization so that the highest level of security is ensured to all the stakeholders. It adds various layers of security and thus enables the business to meet international security standards. This makes it possible for the business to take them internationally without worrying about others countries’ legislation as they are already complying with international security standards.

Hence these are the benefits of complying with PCI-DSS. These standards provide the required peace of mind to the merchants as they know they have taken all the right steps in ensuring maximum safety. One must choose the right company to do so such as Appsealing.